Following his graduation from Azerbaijan State National Economic Institute named after K. Marx in 1950 he proceeded with the post-graduate program at the department of economics at Azerbaijan SSR Academy of Sciences. In 1954 he defended his candidacy dissertation in Moscow. He worked as a senior associate, scientific secretary and a department head at the Institute of Economics of USSR Academy of Sciences.  In between 1968-1975 he served as a director of Scientific Research Economic Institute (current Economic Scientific Research Institute) under the Azerbaijan SSR State Planning Committee. In 1969, having defended his doctorate dissertation on the topic “Recurring Production Problems of Manpower in Azerbaijan SSR”, he became a doctor of economic sciences at the Institute of Economics of Azerbaijan Academy of Sciences. In 1968 he was conferred upon an academic title of a professor.

M. Allahverdiyev works such as “Development of Economy of Tea Growing Collective Farms in Azerbaijan SSR”, “Coordination of Public and Personal Interests in Collective Farms”, “The Roles of Machine-Tractor Stations in the Development of Collective Farm Production”, “Some Issues of Comprehensive Mechanization in the Conditions of Mountainous Regions”, “Labour Productivity in Cotton Growing and The Ways of Its Expansion”, “Correct Organisation of Labour and Production in Collective Farms and State Owned Farms” were published.   Books titled “Labour Resources and Their Use in Azerbaijan SSR Agriculture”, “Law of The Socialist Population Residency”, “Recurring Production Issues of Manpower in Azerbaijan SSR”, “Productive and Non-productive Labour” were the most successful results of the scientific activity of the author.
He died in 1992.